The CNMV imposes a fine of 300,000 euros on Gerard Piqué and José Elías for trading with insider information

BarcelonaThe National Securities Market Commission (CNMV) has fined former Barça footballer Gerard Piqué and Audax founder José Elías 300,000 euros for trading on privileged information in the acquisition operation of Aspy Global by Atrys Health, a company of which Elías was CEO when the events occurred.

According to the resolution published this Monday in the Official State Gazette (BOE), Piqué acquired a total of 104,166 shares of Aspy Global Services on January 20, 2021, two days before the company was absorbed by Atrys Health, an operation that Elías had allegedly informed him about. Subsequently, the former footballer allegedly sold these shares five days after the transaction was completed, on January 27, and would have thus obtained an economic benefit.

The shares of Aspy Global Services were trading at 2.29 euros on January 19, 2021, while on the 27th – the moment Piqué sold his shares – they were worth 2.8 euros. In this way, the former Barça central defender would have earned around 50,000 euros through obtaining privileged information.

The fines imposed by the CNMV are 200,000 euros for Piqué and 100,000 euros for Elías. In both cases, the regulator considers it a "very serious" infringement of market abuse, as defined in the Securities Market Law. In the case of the owner of La Sirena, the National Securities Market Commission accuses him of "illicit communication" and of sharing "privileged" information about the ongoing offer. As for Piqué, it criticizes his actions for having "abused the market [...] while in possession of privileged information received from Elías".

The resolution of the sanctions is not final, as both the businessman and the footballer can appeal the decision before the National Court in the contentious-administrative chamber.

The sale and purchase of shares took place in a context where Piqué definitively closed Kerad Games, the company through which he entered the video game sector and which was his first business venture. In January 2021, the Mercantile Registry published the liquidation of the company of the then third captain of Barça, a process that had already begun in 2018. The cessation of the group's activity also coincided with the boom of his holding company Kosmos, the project that has since managed the finals of the Copa Davis, the Kings League, and the organization of the Spanish Super Cup in Saudi Arabia, a move that cost the former footballer a judicial investigation for allegedly collecting illegal commissions for 24 million euros.